Rain Secures $250M Series C at $1.95B Valuation; Iconiq Leads
Rain hits a $1.95 billion valuation after a $250 million Series C led by Iconiq, capitalizing on its status as a Visa Principal Member.
Stablecoin infrastructure provider Rain closed a $250 million Series C round today, valuing the firm at $1.95 billion just four months after its Series B. The raise, led by Iconiq, signals aggressive institutional demand for compliant payment rails that bridge on-chain liquidity with legacy settlement networks.
Sapphire Ventures, Dragonfly, Lightspeed, and Galaxy Ventures participated in the round, which brings Rain’s total funding to $338 million. The capital injection targets global expansion across Asia, Africa, and the Americas.
The Visa Moat
Rain distinguishes itself as a Visa Principal Member, a regulatory status that allows the firm to issue cards directly without relying on third-party sponsor banks. This direct issuance capability reduces counterparty risk and settlement latency, critical friction points for institutional adoption.
Volume data supports the valuation jump. Rain CEO Farooq Malik reported a 38x increase in annualized payment volume and a 30x growth in active cards throughout 2025.
"Stablecoins are quickly becoming the way money moves in the 21st century, but adoption by users worldwide requires cards and apps that just work.", Farooq Malik, CEO of Rain
Institutional Context
The deal reflects a pivot in venture capital strategy toward infrastructure that operationalizes stablecoins for corporate treasury and payroll (B2B) rather than purely retail speculation. With stablecoin market capitalization exceeding $300 billion, payment firms like Rain are effectively competing with traditional fintechs by offering instant settlement on networks like Solana and Ethereum while maintaining Visa acceptance compliance.
